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RE: Free Ideas For The World #1 - The Bit Heater
Crypto mining costs money in electricity (which would have to be paid for using fiat money), and the heating would not produce the same heat output as a regular heater...if it did the running cost would be too much for the average home user to pay I think, but it is an interesting idea.
If we wanted to get smart enough.. the system could automatically sell your bitcoin and pay your bills for you :)
I don't think producing the heat would be a problem.. bitmain and other companies design their chips to be as energy efficient as possible. Im sure they could be made to run hotter, or simply put some metal inside which heats up along the chips and creates more heat.
The cost would probably be the biggest problem, a good bit heater using today's technology would cost $4000-$8000, going of the best bitcoin miners we have at the moment.
I think it may be possible to produce something for around $2000 if it was custom built to the job.